Grabbing some more UUU below $2. This low floater exploded to the mid $3's in February after posting fiscal Q3 earnings of .15/share. Couple of easy comps on the way, and they should recognize a sizable 1-time gain in either Q4 or Q1 according to the 10Q (see below). Only bad thing is we may not see the Q4 report until July.
From the last 10Q-
The Company’s factor has withheld financing on approximately $725,000 of the Company’s accounts receivable subject to resolution of any disputes. The resolution of disputed items is ongoing and subsequent to December 31, 2022, the Company continues to provide support for resolution of any disputed items. The Company expects that all amounts in dispute will be resolved satisfactorily. In addition, the Company has filed requests for refunds of customs payments with US Customs and Border Protection for approximately $300,000 (including interest expected) for overpayments of tariff. The Company expects this refund to be available during either the fourth quarter of the fiscal year ending March 31, 2023, or the first quarter of the fiscal year ending March 31, 2024. Though no assurances can be given, if management’s plan continues to be successful over the next twelve months, the Company anticipates that it should be able to meet its cash needs for the next twelve months following the issuance date of this report. Cash flows and credit availability is expected to be adequate to fund operations for one year from the issuance date of this report.
AI
